Incline Village MLS Blog - Incline Village Property for Sale and MLS Daily New Listings Updates
May 15, 2007
I'm pleased to announce that of the 2 deals that closed escrow on the Incline Village MLS today, I represented the buyers on one of them, which was the free standing condo at #21 Tahoe Palisades. This property was promoted on this web site as a Super Deal Alert and one of my clients immediately realized what a great bargain it was. We moved so quickly that no other agent in Incline Village even got a look at the inside of the property. With an asking price of only $725,000, which in my opinion was at least $75,000 under fair market value, my client purchased this lake view condo for only $710,000. Don't expect to buy a condo in this complex again anywhere near this price since this was a rare gem with a very, very motivated seller.
The cute fixer upper condo at 900 Golfer's Pass #1 also closed escrow today at the very reasonable price of only $450,000. This property was also touted as a great value after the most recent price reduction and another savvy buyer made a quick move to ace out other potential prospects. My compliments to the buyer's agent for recognizing a good deal and taking swift action to benefit her client.
We also have 4 price reductions and 4 new listings (2 of which are repeats) on the Incline Village real estate market today, a couple of which are worth a closer examination. I would like to see more pictures of 141 Village Blvd #16 since I generally like the Village Highlands complex. But with only 1 very feeble exterior photo I need to withhold further comment at this point in time. Maybe the listing agent would like to take photography lessons from me. Better yet, they should spend $120 like I do and have a Virtual Tour shot professionally before putting the property on the MLS. Give me a call or send me an e-mail after I preview the property and I'll be able to tell you more about this 3BR, 3.5 bath, 2,350 sq. ft. condo with a 2 car attached garage that's just 1 block from Incline Beach. The asking price of $1,195,000 is very tempting.
I was stunned to see the beautiful lake view home for sale at 842 Jennifer St. drop 100K down to $1,595,000. Built in 2002 with high end everything and easy access to the Mt. Rose Hwy even in the dead of a winter blizzard, this is a great property for anyone looking in this price range for a 3BR, 3 bath, 3000+ sq. ft. home in Incline Village. This home came on the market originally at $1,895,000 and at the current asking price is a very good value.
The tear down at 634 Village was reduced from $850K to $810K and is getting closer to lot value. I think this property will sell in the 750K to 800K range once someone with a little vision takes a look at the land and location. The mountain style home at 585 N. Dyer Circle was reduced from $1,049,000 down to $995,000 making it a veritable bargain. With 4BRs, 3.5 baths, and 2,734 sq. ft. of living space on a .410 acre lot, this will make a great family home or vacation getaway for you folks looking to spend $1 million or less.
There was a $105K price reduction for 220 Glen Way#8, but I frankly don't see the appeal of owning an overpriced property in a complex with no amenities and HOA dues that are a staggering $585 per month. I won't say anymore since my lawyer is on vacation and isn't around to defend me.
Incline Village MLS New Listings of Homes, Condos and Other Incline Village Property for Sale on May 15, 2007
May 14, 2007
As we get closer to summer the action will be picking up on the Incline Village MLS and Monday looks like a good indicator of things to come. With 5 new listings, 3 price reductions, 1 property going into escrow and the tear down at 533 Driver Way closing escrow at $1.2 million, there's a lot of activity today in our real estate market. The sale on Driver Way shows that buyers in the mid to higher price points have confidence that Incline Village is not going to suffer a meltdown and I tend to agree.
Checking out the price reductions today, with the 30K drop for the home for sale at 745 Mays, the new asking price of $799,900 is now at or slightly under lot value. With over 5000 sq. ft. of coverage, this is a heck of a low elevation development opportunity, unless you want to turn the existing structure into a big greenhouse and grow organic food for Raley's. Anyone who has seen this property will know what I'm talking about.
The property for sale at 1078 Sawmill dropped 40K down to 899K and is now just about at lot value. I don't know why sellers are reducing prices so much in May, which is the slowest month of the year for visitors at Lake Tahoe. Only 4% of the annual visitors come to Tahoe in May, so unless you cut your price to speculator level there just aren't many buyers coming up here on vacation or for weekend trips. A good strategy for sellers is to wait until July 6th, and if you don't have a lot of interest in your property by that date, a price cut may be in order. Aggressive marketing, especially on the Internet is a better tactic in the shoulder season than cutting price.
#213 Mountain Shadows is the most interesting of the new listings today and I never thought I'd ever say that about an inside unit in this complex. But this place has gas heat and a gas fireplace which is extremely rare in what is normally considered an all electric complex. With multiple skylights and an open floor plan, Mountain Shadow buyers will want to take a closer look at this condo which is priced at $489,000. The spacious 2800 sq. ft. 3BR, 3 bath home at 552 Lantern Court looks like a candidate for some updating. Priced at $995,000 and situated on a very quiet little cul-de-sac, I'm looking forward to previewing this home for sale in the Lower Tyner section of Incline Village.
Incline Village MLS New Listings of Homes, Condos and Other Incline Village Property for Sale on May 14, 2007
May 13, 2007
Notice to All Prospective Buyers: The best values in our market will be found at high elevation properties in neighborhoods such as Upper Tyner and Upper Jennifer. There are some low elevation fixer uppers and tear downs that are also good deals. Bargain hunters will not find anyone giving away quality properties within 1.5 miles of the beach, there is just too much demand for low elevation homes and condos in Incline Village. The demand historically is disproportionately skewed towards properties near or below Hwy 28 and down toward the beach.
The best deal in town right now for a walk to the beach condo is #13 at 1000 Lakeshore - High end remodel with 2BR, 2 Baths, 1100 sq. ft., 1 car garage, only $675,000. Condos with garages are in much higher demand than ones without. If you want a good value at low elevation the condos without garages will afford you the best opportunities in complexes such as Forest Pines and Northshore Estates.
There are 2 intriguing new listings and one deal closed escrow on the Incline Village MLS today. First up looks like a reasonably priced 2BR, 2.5 bath condo at #114 Bitterbrush. With an asking price of $569,000, this 1,232 end unit with lake and Diamond Peak views is priced right in line with the most recent sales. If you've been looking for a 2BR condo in this complex, this property is worth a closer look.
The newer construction at 578 McDonald Dr. was completed in 2005 and features super high quality materials throughout. I spoke with the listing agent today and she told me that the current owner installed $65,000 in upgrades to finish out the look and feel of this home for sale in Incline Village. With 4BRs, 3.5 baths, a 3 car attached garage and 3,401 sq. feet of living space on a woodsy .437 acre lot this home will appeal to even the most discriminating buyer. The asking price of $1,795,000 may appear a bit high considering the views are of just the mountains and the trees. But the privacy and overall quality along with the central location give this property a lot of intrinsic value.
I would like to thank AK one of the regular readers of this column for bringing an important point to my attention based on the commentary that I wrote on May 12th. My job is to get the best deals for my buyer clients and to negotiate the best price and terms for my seller clients. I'm not a cheerleader for the Incline Village real estate market and it is not my intention to try to influence the direction of the market. My credibility is too important for me to sacrifice, so you'll get both the good news and the bad news from me in the most timely fashion.
We are experiencing some softness in our market in the low end condos (under 500K) and in those complexes with excess inventory such as McCloud, Forest Pines, Bitterbrush and Mountain Shadows. Although unit sales are still well below the peak year of 2005, the actual sale prices for quality properties in the moderate, high end and super high end sectors continue to hold firm. Whether this will continue in the second half of 2007 will depend on a number of factors. These include inventory levels, seller motivation, and real estate trends in Northern California which is the source of about 60% of the property owners in Incline Village.
As of May 13, 2007, the median sale price for houses in the past 6 months is $1,175,000 which is $25,000 higher than the median for all of 2006. Currently there are 23 houses in escrow and the median asking price of these properties is $1,895,000. Therefore, the median sale price in the first half of 2007 is likely to be well above the median sale price in 2006.
If you're a buyer, please rest assured that I will always negotiate hard to get you the best price. None of my buyers have ever paid full price and in some cases we have been able to beat the seller down by $200,000 or more. I represented a buyer who purchased a lake view home for $1,572,000 in 2005 and sold it 18 months later for $1,950,000, with me representing them as the listing agent.
If you are a buyer, and a property you are interested in appears to be over priced in my opinion, I will always tell you. When we are out looking at condos and homes I will tell you how long I think it will take to resell each place based on the attributes of the property for sale. Whether a property will take 6 months, 1 year or 2+ years to resell is an important part of your decision making process that should be considered before you write an offer. For buyers in 2007, patience will usually be a virtue (except in those rare cases for high demand units like #141 Third Creek which went into escrow in 1 day near full price).
If you are thinking of selling in 2007, my advice is to price your property at or close to fair market value (all sellers need a little wiggle room) since there will be close to 500 homes and condos for sale in Incline Village this summer and only about 180 to 200 more transactions are going to occur the rest of the year. You will need to market your property aggressively, especially on the Internet, since over 70% of all buyers begin their property search online.
Incline Village MLS New Listings of Homes, Condos and Other Incline Village Property for Sale on May 13, 2007
May 12, 2007
Another 2BR, 2 bath McCloud condo came on the Incline Village MLS as our only new listing today, bringing to 10 the number of 2BR units for sale in the complex. With only 1 exterior picture, I am hesitant to make any comments on the quality of #237.
At this early date in the 2007 real estate selling season there are already 14 McCloud condos for sale (2 - 1BRs and 2 - 3BRs fill out the inventory). This year, the 3 most important words in real estate in the Incline Village condo market are Supply and Demand, not Location, Location, Location. And with 2 McCloud condos apparently on the verge of going into foreclosure, we are unlikely to see any upward price pressure in the complex in 2007.
I strongly urge the owners of condos in McCloud not to put their properties on the market just to test the waters. Unless you are serious about wanting to sell your condo in 2007, you are doing a disservice to all of the owners in the complex who really want or need to sell. Excess inventory in any condo complex will depress prices, not something any owner in McCloud, or any other complex, wants to experience. I anticipate at least 3 or 4 more 2BR units will be listed for sale in the next 45 days so let's hope a few units sell in the interim.
Since that one new listing was the only activity today on the Incline Village real estate scene, I'm going to call it a night and enjoy the beautiful starry skies.
Incline Village MLS New Listings of Homes, Condos and Other Incline Village Property for Sale on May 12, 2007
May 11, 2007
We've got 4 new listings on the update for the "Incline Village real estate" market today ranging from a couple of condos at low elevation to a house on Galaxy Way and a free standing condo near the Mountain Golf Course. The 2BR, 2.5 bath, 2027 sq. ft. home at 981 Galaxy was built in 1985 and has been tastefully refurbished. With an asking price of $849,000 and located next to Forest Service land, this appears to be one of the better values among the higher elevation "homes for sale in Incline Village." The 2 new condos for sale add a little something to the inventory in Northshore Estates and Woodminster. Both of these complexes rarely have units come on the market, so if either condo complex is on your hit list these properties are worth a look.
I'm happy to report 2 significant price changes on the Incline Village MLS today, the beautiful condo at 1-56 Forest Pines dropped $30K down to 619K and is now pretty darn close to fair market value. Definitely one of the nicer properties in the complex and in a great location, this should be on the radar screen for condo buyers who want to be within a short walk to the beach. The 5BR, 3 bath fixer upper at 928 Wendy Lane was reduced $42,500 all the way down to $477,500 making this a very good value in the Country Club Court complex.
There was one deal going into escrow today but the bigger news is that the house at 991 Driver Way closed escrow at an even $2 million. This property had been on the market for quite some time and I wrote that it was radically overpriced when the previous listing agent had the home for sale. With a new listing agent and a motivated seller, the asking price of $2,495,000 went out the window and the property sold exactly where I thought it would when I previewed it in 2006.
Incline Village MLS New Listings of Homes, Condos and Other Incline Village Property for Sale on May 11, 2007
May 10, 2007
We've got just 3 new listings, and 3 deals going into escrow today on the Incline Village real estate update. Since 2 of the listings are repeats that makes my life easier as I have to get up at 4 a.m. to catch a flight on Friday. The nicely remodeled 4BR, 2 bath, 1600+ sq. ft. chalet in Upper Tyrolian Village comes to us with an asking price of $729,000. With nice mountain views and relatively easy access, this one merits a look for any one seeking property in Incline Village near the Diamond Peak Ski Area.
I'm very happy to see that a sharp buyer opened escrow for the great home for sale at 1108 Lakeshore. This property just came on the market and was my favorite on the MLS tour this past Tuesday. At $1,575,000 this 3BR home with a large family room (it was previously a bedroom and could be converted back quite easily) that is situated on over 1/2 acre next to a creek and open space, is a low elevation gem.
Incline Village MLS New Listings of Homes, Condos and Other Incline Village Property for Sale on May 10, 2007
May 9, 2007
The Incline Village MLS greets us with two new listings, two price reductions, one property going into escrow and one deal closing escrow today. First up for the new listings is a very nicely remodeled three bedroom, 2.5 bath, 1440 square foot condo with an attached garage at #18 White Pines Estates. I think the asking price of $525,000 makes this one of the better low elevation values among the condos for sale in Incline Village.
Our other new listing today is a freestanding condo at 910 Southwood #1. This is newer construction and consists of three bedrooms, 3.5 bathrooms, a two-car attached garage and over 2100 square feet of living space. Priced at $1,099,000 this centrally located property is within walking distance to the center of town and all of the restaurants and shops.
The seller of #163 Mountain Shadows lowered the price another $10,000 today showing that he is clearly motivated with a new asking price of $489,000. This is one of the nicer end units in the complex and comes fully furnished.
Incline Village MLS New Listings of Homes, Condos and Other Incline Village Property for Sale on May 9, 2007
May 8, 2007
I am not trying to set a record for how short I can write my columns these days, but the market is not giving me that much material. I could just make up a bunch of stuff but then I would lose my credibility so let's get right to the action on the Incline Village real estate market for this beautiful Tuesday.
We had 1 new listing which is a repeat for the tear down at 1120 Lakeshore Drive, 1 price reduction for the gorgeous remodeled condo at #35 All Seasons and 2 properties closing escrow in Incline Village today. The new price at the condo is a staggeringly low $329,000. I cannot show you a more beautiful 1000 square feet within walking distance of the post office, shops and restaurants anywhere near this price. You may not be getting a garage but you do get a swimming pool and clubhouse plus a gorgeous condo at low elevation Incline Village.
Looking at the properties for sale that closed escrow today I am happy to see that #17 L'Ermitage finally wrapped up at the very reasonable selling price of $550,000. 599 Lariat Circle which was touted in this column recently as a great value and quickly went into escrow closed just $10,000 under the asking price of $875,000. It was on the market for only nine days, once again a testament to the fact that good values especially lakeviews or low elevation quality properties will have buyers waiting for these special opportunities. Incline Village and Crystal Bay real estate are not experiencing the softness found in many parts of the country. The only place we are seeing any weakness is for lower priced properties and higher elevation homes without special attributes such as a nice view or private setting.
Incline Village MLS New Listings of Homes, Condos and Other Incline Village Property for Sale on May 8, 2007
May 6 - 7, 2007
It's another speedy update on the Incline Village MLS with 3 new listings, all repeats and one price reduction. I'm happy to see that the home for sale at 574 Fallen Leaf Way came back on the market at a new lower price of $1,135,000 which is 90K below the original asking price. This is arguably the best value in this price range based on quality, floor plan and view. The higher elevation location may deter a few, but I'd be hard pressed to show you a nicer home in this price range after the most recent reduction.
Incline Village MLS New Listings of Homes, Condos and Other Incline Village Property for Sale on May 7, 2007
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